Letko Brosseau & Associates Inc. Cuts Stock Position in ARS Pharmaceuticals, Inc. (NASDAQ:SPRY)

Letko Brosseau & Associates Inc. decreased its stake in shares of ARS Pharmaceuticals, Inc. (NASDAQ:SPRY) by 31.4% in the second quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 24,700 shares of the company’s stock after selling 11,300 shares during the quarter. Letko Brosseau & Associates Inc.’s holdings in ARS Pharmaceuticals were worth $210,000 at the end of the most recent quarter.

Several other hedge funds have also added to or reduced their stakes in the stock. Levin Capital Strategies L.P. increased its stake in ARS Pharmaceuticals by 5.7% during the 1st quarter. Levin Capital Strategies L.P. now owns 55,250 shares of the company’s stock valued at $565,000 after purchasing an additional 3,000 shares in the last quarter. Zurcher Kantonalbank Zurich Cantonalbank increased its position in shares of ARS Pharmaceuticals by 151.7% during the second quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 7,419 shares of the company’s stock valued at $63,000 after acquiring an additional 4,472 shares in the last quarter. Russell Investments Group Ltd. purchased a new position in ARS Pharmaceuticals in the 1st quarter worth approximately $60,000. FAS Wealth Partners Inc. lifted its position in ARS Pharmaceuticals by 11.9% in the 2nd quarter. FAS Wealth Partners Inc. now owns 67,656 shares of the company’s stock valued at $576,000 after acquiring an additional 7,186 shares in the last quarter. Finally, China Universal Asset Management Co. Ltd. boosted its stake in ARS Pharmaceuticals by 66.2% during the 1st quarter. China Universal Asset Management Co. Ltd. now owns 18,453 shares of the company’s stock valued at $189,000 after purchasing an additional 7,348 shares during the last quarter. 68.16% of the stock is owned by institutional investors.

Insider Transactions at ARS Pharmaceuticals

In related news, Director Peter A. Thompson sold 407,700 shares of ARS Pharmaceuticals stock in a transaction on Wednesday, August 21st. The stock was sold at an average price of $13.56, for a total transaction of $5,528,412.00. Following the transaction, the director now directly owns 544,677 shares in the company, valued at $7,385,820.12. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. In other news, CEO Richard E. Lowenthal sold 4,138 shares of the stock in a transaction on Tuesday, June 11th. The shares were sold at an average price of $9.00, for a total value of $37,242.00. Following the completion of the sale, the chief executive officer now directly owns 1,594,328 shares of the company’s stock, valued at $14,348,952. The sale was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, Director Peter A. Thompson sold 407,700 shares of the firm’s stock in a transaction on Wednesday, August 21st. The shares were sold at an average price of $13.56, for a total transaction of $5,528,412.00. Following the sale, the director now owns 544,677 shares in the company, valued at $7,385,820.12. The disclosure for this sale can be found here. Insiders sold 1,033,395 shares of company stock worth $13,131,411 in the last three months. Corporate insiders own 40.10% of the company’s stock.

ARS Pharmaceuticals Stock Performance

Shares of NASDAQ SPRY traded down $0.39 during midday trading on Friday, hitting $11.36. 1,097,490 shares of the company’s stock traded hands, compared to its average volume of 730,620. The firm has a fifty day moving average of $11.35 and a 200 day moving average of $9.72. ARS Pharmaceuticals, Inc. has a 1 year low of $2.55 and a 1 year high of $16.50. The stock has a market capitalization of $1.10 billion, a price-to-earnings ratio of -21.85 and a beta of 0.90.

ARS Pharmaceuticals (NASDAQ:SPRY) last announced its earnings results on Tuesday, August 6th. The company reported ($0.13) EPS for the quarter, missing analysts’ consensus estimates of ($0.12) by ($0.01). The business had revenue of $0.50 million for the quarter, compared to analyst estimates of $2.00 million. On average, equities analysts anticipate that ARS Pharmaceuticals, Inc. will post -0.66 earnings per share for the current year.

Analyst Ratings Changes

Several equities research analysts recently commented on SPRY shares. Raymond James upgraded ARS Pharmaceuticals from an “outperform” rating to a “strong-buy” rating and lifted their price objective for the stock from $18.00 to $22.00 in a report on Tuesday, August 13th. William Blair upgraded shares of ARS Pharmaceuticals to a “strong-buy” rating in a research note on Friday, August 30th. Cantor Fitzgerald began coverage on shares of ARS Pharmaceuticals in a research report on Tuesday, August 20th. They set an “overweight” rating and a $30.00 price objective on the stock. Finally, Leerink Partners lifted their target price on shares of ARS Pharmaceuticals from $19.00 to $20.00 and gave the stock an “outperform” rating in a research report on Monday, August 12th. Four research analysts have rated the stock with a buy rating and two have issued a strong buy rating to the company’s stock. According to data from MarketBeat, ARS Pharmaceuticals has an average rating of “Buy” and a consensus price target of $22.75.

ARS Pharmaceuticals Company Profile

ARS Pharmaceuticals, Inc, a biopharmaceutical company, develops treatments for severe allergic reactions. The company is developing neffy, a needle-free and low-dose intranasal epinephrine nasal spray for the emergency treatment of Type I allergic reactions, including anaphylaxis. It serves healthcare professionals, patients, and caregivers.